Clyde Valley Housing Association (CVHA) has secured a new funding facility of £30 million to support the development of more than 500 new homes in central Scotland over the next five years.

The association, which owns and manages more than 3,000 housing units in Lanarkshire and East Dunbartonshire, has agreed a £30m revolving credit facility with a syndicate of lenders comprising Bank of Scotland and Barclays.

Each bank will provide £15m, with the funding, supporting the development of 511 new properties being built in North and South Lanarkshire and East Dunbartonshire by 2020.

This new funding will help the association to continue providing housing for those most in need, adding to the 121 homes being handed over in 2015/16.

Campbell Boyd, chairman at CVHA, said: “Our ongoing aim is to provide much-needed, affordable homes to our local community. The Board of the Association are committed to meeting the significant demand for housing need and this collaboration enables us to grow our housing stock with high-quality, energy-efficient properties.

“Ultimately tenants benefit from having sustainable homes, providing comfortable living and a secure safe environment to live in. The funding and expertise provided by Bank of Scotland and Barclays will be instrumental in helping us to achieve our objectives against a background of significant changes taking place within the social housing sector.”

Ray Tierney, relationship director from Bank of Scotland’s social housing team, added: “With a history of sustained new housing development and an experienced management team, CVHA has cemented its reputation as one of Scotland’s leading social housing providers. As one of our long-standing clients, we are pleased to be able to provide continued support both to CVHA and to the wider sector, particularly as housing associations in Scotland and across the UK react to significant challenges.”

David Cassidy, head of social housing at Barclays, said: “Our relationship with Clyde Valley Housing Association is long-established and for Barclays to provide them with funding to support the development of more than 500 new homes in central Scotland was an obvious fit with our ongoing commitment to the Social Housing sector. We continue to work with our valued clients as they develop homes that provide much needed shelter, and support, to those in our communities.”

Established in 1996, CVHA was formed from the large scale voluntary transfer (LSVT) of over 1,000 properties from Scottish Homes in North Lanarkshire. As a registered provider it has subsequently trebled its unit size, primarily through the development of new housing stock as well as estate-based transfers from local councils, and smaller LSVTs. As a result, it is now Lanarkshire’s leading housing association and one of the largest in the west of Scotland.